The second clause to be examined is that, which empowers
Congress to borrow money.

Is this a bill to borrow money? It does not borrow a shilling.
Is there any fair construction by which the bill can be
deemed an exercise of the power to borrow money? The
obvious meaning of the power to borrow money, is that of
accepting it from, and stipulating payment to those who
are able and willing to lend.

To say that the power to borrow involves a power of
creating the ability, where there may be the will, to lend,
is not only establishing a dangerous principle, as will be
immediately shewn, but is as forced a construction, as to
say that it involves the power of compelling the will, where
there may be the ability, to lend.

The Papers of James Madison. Edited by William T. Hutchinson et al. Chicago and London: University of Chicago Press, 1962--77 (vols. 1--10); Charlottesville: University Press of Virginia, 1977--(vols. 11--).